Seabulk International sees stable 2nd-quarter profits
Seabulk International Inc., the Fort Lauderdale, Fla.-based provider of offshore energy support vessels, tanker shipping and towage services, reported net income of $2.7 million for the second quarter, unchanged from the year-earlier quarter.
Operating income was $12.5 million, compared to $12.4 million a year ago. A gain of about $2 million on the sale of three offshore vessels was included in the company’s second-quarter operating income. The year-earlier results included a gain of approximately $400,000 on the sale of vessels.
“The second quarter saw an improvement in our offshore business, which posted an operating profit for the first time since the third quarter of last year, and continued strong results in our tanker segment, which benefited from the addition of two modern foreign-flag vessels,” said Gerhard E. Kurz, chairman and chief executive officer of Seabulk.
Seabulk operates 113 offshore energy support vessels, 10 Jones Act tankers, two recently acquired foreign-flag product carriers and a fleet of 26 tugs that are used in seven U.S. southeastern ports and the offshore Gulf of Mexico.